Bank of America is paying $205 million in fines for its foreign-exchange practices, the Federal Reserve announced Wednesday. That money will go to the U.S. Treasury.
Joshua Komer
jkomer@charlotteobserver.com

Bank of America is paying $205 million in fines for its foreign-exchange practices, the Federal Reserve announced Wednesday. That money will go to the U.S. Treasury.
Joshua Komer
jkomer@charlotteobserver.com

Where will Bank of America’s latest fine go?

After the U.S. government on Wednesday announced more than $5 billion in combined fines against Bank of America and a handful of other big banks, a reader wrote me to ask who gets all of that money.

It’s an obvious question and one that might be on the minds of other readers. Here’s the answer:

In the case of Bank of America, which is paying $205 million in fines for its foreign-exchange practices, the money is destined for the U.S. Treasury.

According to an order from the Federal Reserve, which fined the bank, the lender is required to immediately transfer the amount via wire to the Federal Reserve Bank of Richmond, which will give it to the Treasury.

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